COLA

Social Security benefits will rise by 1.7 percent starting in January, the Social Security Administration announced Wednesday. That’s a tad higher than this year’s 1.5 percent increase. It’s also the fourth straight year that the cost-of-living adjustment was below 2 percent for nearly 59 million retirees, disabled workers and their families. The adjustment amounts to about $22 a month for those who receive the average monthly benefit of $1,302. >> See AARP CEO Jo Ann Jenkins’ statement on the COLA “The …

As the largest nonprofit, nonpartisan organization representing the interests of Americans age 50 and older and their families, AARP urges the budget conference committee to reject harmful cuts to Social Security and Medicare benefits for the purpose of achieving deficit reduction or as a tradeoff for scheduled sequestration cuts or other government spending. While we agree that sequestration cuts will have a growing impact on critical discretionary programs and should be revisited, we remain steadfast in our commitment to protect …

Social Security benefits will increase by just 1.5 percent next year – about $19 a month for the average retiree. The increase is one of the smallest since automatic cost-of-living adjustments were adopted in 1975. It affects Social Security benefits for some 58 million Americans, as well as benefits for millions of disabled veterans, federal retirees and people who get Supplemental Security Income. >> Sign up for the AARP Money newsletter. “The COLA announced today is vital to millions, but at …

The annual Social Security cost-of-living adjustment (COLA) is critically important to the financial security of the nearly 58 million Americans receiving benefits. By providing protection against inflation, the COLA helps beneficiaries of all ages maintain their standard of living, keeping many from falling into poverty. The COLA announced today is vital to millions, but at an average of just $19 per month, it will quickly be consumed by the rising costs of basic needs such as food, utilities and health …

Wondering what next year’s cost-of-living adjustment for Social Security will be? Keep wondering. The Social Security Administration was scheduled to announce the annual COLA adjustment on Oct. 16, but it can’t do so because it won’t have an inflation report for September from the Labor Department. The Labor Department announced on Oct. 10 that it won’t be issuing the inflation report because of the government shutdown that went into effect on Oct. 1. Sign up for the AARP Money Matters …

Last week marked the 78th anniversary of the passing of the Social Security Act. To commemorate, this blog post looks back to see how Social Security has changed over the years. Below, you will find a timeline highlighting famous firsts, important legislation and the growth of one of America’s most popular programs. 1935: On Aug. 14, the Social Security Act (H.R. 7260, Public Law No. 271, 74th Congress) became law with President Franklin D. Roosevelt’s signature at approximately 3:30 p.m. …